Voice Recognition Software Market Scope
Voice recognition software is the subfield of computational linguistics that uses speech recognition algorithms to identify the spoken languages and act accordingly. Voice recognition software market is expected to mark significant growth over forecasted period owing to increasing consumers spending on healthcare sector, providing innovative concepts in autonomous and connected cars and technological advancement. There has been significant rise in number of customers prefers virtual assistants with speech recognition capabilities with figure stood up to 62.4 million in United States alone in 2018, So the future for voice recognition software looks promising. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the developments of natural language processing and neural network technology.
The market study is segmented by Type (Product Type I, Product Type II and Product Type III), by Application (Healthcare transcriptions, Enterprise contact centers, Telematics and Mobile applications) and major geographies with country level break-up. According to AMA, the Global Voice Recognition Software market is expected to see growth rate of 17.4%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Voice Recognition Software market throughout the predicted period.
Nuance (United States), Microsoft (United States), Alphabet (United States), IBM (United States), Amazon (United States), Sensory (United States), Cantab Research (United Kingdom), iflytek (China), Baidu (China) and Raytheon BBN Technologies (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are VoiceBox Technologies Corp. (United States), Agnitio S.L (Spain), Biotrust (Netherland) and ValidSoft UK Limited (United Kingdom).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Voice Recognition Software market by Type, Application and Region.
On the basis of geography, the market of Voice Recognition Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Deployment Type, the sub-segment i.e. On Cloud will boost the Voice Recognition Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Artificial Intelligence will boost the Voice Recognition Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In May 2018, Nuance acquired Voicebox Technologies. This acquisition is beneficial in providing speech recognition, natural language technologies and imaging applications.
In May 2019, Google’s launched a new initiative which is beneficial in providing speech recognition technology to disabilities. It also offers interactive AI systems that offer perfect gestures and facial expressions.
- Value Oriented Consumers
- Collaboration and Tie Up Of Leading Players
- Increase Demand of Voice Recognition at Electronic Sector Boost the Market.
- Rise in Demand of Voice Recognition Applications in Banking and Automobiles Industries.
- Increase Integration of Voice Activated Software Leads to Grow the Voice Recognition Software Market.
- Proliferation of Voice Enabled IoT Devices in Smart Automation Homes.
- Voice Recognition Uses Lot of Memory that Hampers the Market.
- Lack of Accuracy and Misinterpretation in Voice Recognition Associated with Market.
- Professional Required For Training Session Are Anticipated The Challenge The Market.
Key Target AudienceVoice Recognition Software Manufacturers, Voice Recognition Software Traders, End-Use Market Participants of Different Segments of Voice Recognition Software, Government and Research Organizations, R&D Institutions and Others
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